S&P 500, Nasdaq at record highs as lukewarm inflation fuels rate-cut bets

May 15 - The benchmark S&P 500 , opens new tab and the Nasdaq , opens new tab touched record highs on Wednesday after a lower-than-expected increase in a key inflation metric buttressed hopes that the Federal Reserve will cut interest rates this year.

"It will inevitably be well received by the market, given that it puts 2024 Fed cuts back on the table." Equities built on Tuesday's gains, when Fed Chair Jerome Powell's assessment of U.S. growth and inflation reassured investors after hotter-than-expected producer prices for April. Most megacap growth and technology stocks also climbed, with Nvidia , opens new tab leading the gains.

Advancing issues outnumbered decliners by a 3.07-to-1 ratio on the NYSE and by a 1.76-to-1 ratio on the Nasdaq.

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